schirallicpa

And Sec 179 not used, for that matter. Client has significant NOL that I believe he can continue to carry. (Wasn't that Trump's method of avoiding tax?) But does it matter what type of bankruptcy they use? And should I maximize 179 and let that carry forward? That doesn't seem right at all since he will be abandoning the property and allowing the bank to take it back. Including equipment that he just purchased this past year. But, if NOL stays, can 179?

Every time I have used insolvency, the IRS has written back asking for a copy of the insolvency worksheet in the publication. So you might want to keep that handy.

try having farmer clients............

The Taxpayer - based on what attorney told him about 5 years ago - recorded a liability. I agreed with it - it was very probable that it would happen. We estimated that he would have to pay $25000. Debit expense, credit liability in 2011. Case was tied up in state of NY for years and when settled my client will get money back, and will not owe as we originally all thought. So now we think there should be a receivable on the books in the amount of 75000, not a liability. So client posted an entry to debit the liability for 25000 to take it off the books, and credits retained earnings - prior period adjustment. I don't like messing with retained earnings, partly because of some other HUD reporting we will have to do. Makes things messy. So if we are going to record the receivable, can't I debit recievable for 75000, debit liabiltiy 25000, and credit the expense for 100000. (of course, client is trying to avoid putting that 25000 into this year and just wants to bury in RE.) I am wondering if making it a prior period entry even makes sense. Wouldn't that mean I should amend that old tax return? Yuk. any thoughts?

I know - I know - I'm asking the obvious. Thank you!!!

the 1099INT is in child's SS#. She has other w2 income and is filing a return, but is a dependent. She has ed expenses. The 1099INT reports savings bond interest from series EE that was used for books, and tuition. So I initially have this on her return, but when i look at 8815 instructions, it seems that maybe she does not qualify. Which is an utter mystery to me. Don't most parents and grandparents put bonds in the child's name? Isn't that the whole point - so the kids can use it. U.S. Savings Bonds That Qualify for Exclusion To qualify for the exclusion, the bonds must be series EE or I U.S. savings bonds issued after 1989 in your name, or, if you are married, they may be issued in your name and your spouse’s name. Also, you must have been age 24 or older before the bonds were issued. A bond bought by a parent and issued in the name of his or her child under age 24 does not qualify for the exclusion by the parent or child. Can someone tell me if I have just missed the boat here?

cost is recorded at what was actually given up or paid. dealer incentives are not considered. if he paid cash of 28995, that's what you record as cost basis. Now in a trade-in, have to consider the book value of what he gave up, plus cash that he paid.

Box 3

I have said from the beginning - the tax return and the health care insurance should have nothing to do with each other. Now - I have (accidentally) filed a return with out the box checked for my own minor daughter who is my dependent. I see you get a message back with your acceptance. This to me is very sticky icky stuff and I am worried about possible ramifications. Make sure that liability insurance is paid up!

I am annoyed with the pop ups and will try these suggestions. Starting to feel like turbo tax??????

I may have it, and even the super secret codes. Email me if you are unsuccessful getting it from ATX. [email protected]

I tried hitting the "search internet" tab and now I cannot get the little bar to close in my return.

This has been kind of a pain to put in a password every day multiple times. But now it's going to expire! Really? Because I have so many gremlins here in my sole proprietor office with me stealing data........This is really irritating.

downloaded earlier today. so far so good. thank you!!!!

Thank you for the reference DANRVAN. And as always I appreciate every one who helps out when we all have those "I can't think about this any longer" moments!!

Ok - I just cannot get my mind around this. TP purchased property in 2004. Reported sale in 2011 with gain of 12K reported on 2011 return. Basis at time of sale was 39K. Was sold on land contract and TP reported interested each year. 2015 buyer walked, and TP repossessed. I reported additional gain on repossession of property of 3K. Now, in 2016, they decide to rent it. I'm not sure what my basis is now. or do I amend to remove the reported gains? Too early in the tax year for basis questions!!

Yes - please - I would like to see what you send them.

Are they down for the inauguration? just kidding. Does anyone have another number?

Are you kidding me?! They want my signiture on letterhead stating that the guy owns his Sch C business. Unbelievable.

thought we were supposed to be able to start this week?

when will the DOJ start paying me for doing their police work.

Does anyone have an agreement contract for this. I am finding myself in the middle of too many divorcing couples where they are not on the same page. I want a written agreement in place for the grey areas - confirming that they both agree to file separately, that they agree on who gets what deductions, and they agree on who gets which kids. Any suggestions? My engagement letters don't get into to this stuff.

it always amazes me that clients think i am automatically their retirement expert as well as their tax expert - and lets not forget financial investment expert, real estate expert, and all around "I don't want to bother to ask my lawyer so i'll bug my accountant" expert.

(I feel like this question has been asked before) Client wants to retire in the summer when he turns 65. Born in 1952 so full retirement benefits won't kick in til next year. He will earn $35000 up to point of retirement. Does the $16920 limit on earnings start the day after he retires and is that annual? In other words do I start counting towards the $16920 limit the day after he retires? And the money he made before he retired doesn't count toward that? And - it's not a monthly amount? Again - in other words - regardless of the date he retires in 2017, he can make $16920?

client is buying a house and the realtor has just told her it is a short sale. Wanting to avoid any potential problems, but just thinking out loud - are there any possible tax ramifications?